The consumer price index (inflation) in Saudi Arabia increased by 2.7% in March 2023, compared to March 2022.
On a monthly basis, inflation declined in March compared to February 2023, when it was at 3%.
The General Authority for Statistics attributed the rise in inflation in March on an annual basis to the rise in the prices of housing, water, electricity, gas, and other fuels by 7.4%, and the prices of food and beverages by 2.3%.
Rental prices were the biggest influence on the increase in inflation last March due to their weight in the index, as the actual rents for housing in Saudi Arabia increased by 8.7%, which was affected by the increase in apartment rental prices by 22%.
Food prices increased by 2.3%, affected by the increase in the prices of meat and poultry by 2.6%, and the increase in the prices of milk, dairy products and eggs by 14.1%. The restaurants and hotels section also recorded an increase of 6.3%, and meal services increased by 6.3%.
The Transportation Department recorded an increase of 1.8%, affected by the increase in vehicle purchase prices by 1.6%, while the Education Department increased by 3.1%.
On the other hand, the prices of the Miscellaneous Personal Goods and Services section decreased by 4.0%; Affected by the decrease in the prices of fees for the costs of requesting the recruitment of a maid by -0.6%, as well as the prices of the clothing and shoes department decreased by 2.2%, affected by the decrease in the prices of ready-made clothes by -7.3%.